Lubrizol expands with $1.84 billion acquisition

The Lubrizol Corporation has signed an agreement to purchase Noveon International, Inc, a Cleveland-based specialty chemical company, in a transaction valued at $1.84 billion.

The Lubrizol Corporation, a global provider of specialty additives and fluid technologies, announced recently that it has signed a definitive agreement to purchase Noveon International, Inc in a transaction valued at $1.84 billion.

The acquisition, which has been approved by the boards of both companies, is subject to regulatory approval and is expected to close within three months.

According to Lubrizol, the addition of Noveon, a privately held Cleveland-based specialty chemical company with $1.2 billion in revenues for the last 12 months, will create a combined company with approximately $3.2 billion in annual revenues.